Agricultural Bank of China contributes to a $4 billion USD syndicated revolving credit facility to Valero Energy for refinancing and general corporate purposes (Linked to Record ID#106293)

Project narrative

On November 22, 2022, a syndicate of 20 banks — including the New York Branch of the Agricultural Bank of China (ABC) and the New York Branch of the Bank of China (BOC) — entered into a $4,000,000,000 USD syndicated revolving credit facility (RCF) agreement with Valero Energy Corporation — a Delaware-incorporated American oil, diesel, and ethanol fuels producer headquartered in San Antonio, Texas and listed on the New York Stock Exchange — for refinancing and general corporate purposes. This RCF carried a maturity period of five years and a final maturity date of November 22, 2027. This RCF carried an interest rate at the borrower's election of either Adjusted Term SOFR rate (Term SOFR plus 0.10%) plus a margin ranging from 0.9% to 1.45% per annum, based upon the borrower's ratings from S&P, Moody’s and Fitch or an alternate base rate plus a margin ranging from 0.0% to 0.45% per annum, based upon the borrower's ratings from S&P, Moody’s and Fitch. Interest and commitment fees under the RCF were payable quarterly in arrears (or shorter, if the interest period elected by the borrower was shorter than 3 months). The RCF included a commitment fee accruing on the daily amount of used and unused commitments of the lenders at a rate ranging from 0.1% to 0.3% per annum, based upon the borrower's ratings from S&P, Moody’s and Fitch. The RCF included customary letter of credit participation and fronting fees to the lenders and a customary agency fee to the administrative agent. It included a letter of credit sub-facility of up to $2,400,000,000 USD and an accordion feature for up to $1,500,000,000 USD for a total revolving commitment of $5,500,000,000 USD. The proceeds of this RCF were an amendment and restatement of an existing RCF dated March 19, 2019 that it replaced and the proceeds were to used for general corporate purposes. Record ID#106292 captures ABC's contribution. Record ID#106293 captures BOC's contribution. In addition to ABC and BOC, the following lenders contributed to the loan syndicate: JPMorgan Chase Bank, N.A., Citibank, N.A., Bank of America, N.A., the Houston Branch of Bank of Nova Scotia (Scotiabank), Mizuho Bank, Ltd., MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation (SMBC), the New York Branch of Toronto-Dominion Bank (TD Bank), Truist Bank, Wells Fargo Bank, National Association, PNC Bank, National Association, Royal Bank of Canada (RBC), U.S. Bank National Association, Frost Bank, the Houston Agency of Riyad Bank, Comerica Bank, The Northern Trust Company, and the New York Branch of the National Bank of Egypt (NBE). JPMorgan Chase Bank served as administrative agent. Citibank N.A. and Mizuho Bank served as co-syndication agents. Bank of America, Scotiabank, MUFG Bank, SMBC, the New York Branch of TD Bank, Truist Bank, and Wells Fargo Bank served as co-documentation agents. JPMorgan Chase Bank, Citibank, Bank of America, Scotiabank, Mizuho, MUFG, SMBC, the New York Branch of TD Bank, Truist, and Wells Fargo served as issuing banks for letters of credit.